World Bank Allocated $15 Million

YEREVAN (Azg)–The World Bank approved a $15 million loan for reconstruction of the roads in Armenia–World Bank representative in Armenia–Vahram Nersissiants reported during a press conference on Friday.

In 1996 Armenia received a $16 million loan from the World Bank for the reconstruction of 1,440 km. of roads–tunnels and bridges. The total cost of this program is about $30 million. The rest of the financing was to be provided by a company in Kuwait.

Nersissiants said that–because of political problems–Kuwait refused to provide this money. The Armenian government applied for a loan from the European Bank for Reconstruction and Development–but was denied.

After negotiations with the Central Office of the World Bank–a decision was made to provide the loan. The new loan will help continue the reconstruction of the roads.

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